Survey Finds Americans Staying Put

A scant 10% of Americans plan to move to a new residence this year, while 70% plan some sort of home improvement, showing that consumers continue staying put as they wait for the housing crisis to finish playing out.

Of those looking to move, some 44% expect to buy, while 42% are looking to rent, according to the latest American Express Spending & Saving Tracker survey released Wednesday. (The questions related to moving are new this year, so no previous comparison is available.)

Not surprisingly, the survey found a lack of confidence in the housing market is hampering buying and selling activity. More than half of those surveyed are “not very/not at all confident” that they would get their asking price. Most respondents are also willing to make concessions to help sell their home — including paying for buyer’s closing costs (15%), offering to make requested repairs (29%), offering to include appliances (41%) and offering to include furniture (12%).

With so many people deciding to stay put, more people are investing in their abodes, with plans to spend an average of $3,500, up slightly from the prior year. On their shopping lists? Home accessories, appliances and new furniture, according to the survey.

Most people plan indoor changes, with a new coat of paint the most popular item. Nearly 25% of those polled plan some outdoor landscape work. In what might be bad news for handymen, more than 70% of respondents are taking the do-it-yourself route, up from 64% a year ago. Even wealthier respondents — defined as households with an annual income of at least $100,000 — are pinching pennies: Less than one-in-five will hire a contractor, down from the prior year.

The survey conducted between March 2 and 5, polled a random sample of 1,500 adults. The results have a margin of error of plus or minus 2.5 percentage points at the 95% level of confidence.